The Internal Revenue Service today reminded employers and other
businesses of the Jan. 31 filing deadline that now applies to filing wage
statements and independent contractor forms with the government.
The
Protecting Americans from Tax Hikes (PATH) Act includes a requirement for
employers to file their copies of Form W-2 and Form W-3 with the
Social Security Administration by Jan. 31. The Jan. 31 deadline also applies to
certain Forms 1099-MISC filed with
IRS to report non-employee compensation to independent contractors. Such payments
are reported in box 7 of this form.
This
deadline makes it easier for the IRS to verify income that individuals report
on their tax returns and helps prevent fraud. Failure to file these forms
correctly and timely may result in penalties. As always, the IRS urges
employers and other businesses to take advantage of the accuracy, speed and
convenience of filing these forms electronically.
Hints to
help filers get ready
Employers
should verify employees’ information. This includes names, addresses, Social Security
or individual taxpayer identification numbers. They should also ensure their
company’s account information is current and active with the Social Security
Administration before January. If paper Forms W-2 are needed, they should be
ordered early.
An
extension of time to file Forms W-2 is no longer automatic. The IRS will only
grant extensions for very specific reasons. Details can be found on the
instructions for Form
8809.
For more information,
read the instructions for Forms W-2 & W-3 and the Information Return
Penalties
page at IRS.gov.
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